> Gold can be used for jewelry And people will buy that jewelry because gold is fashionable. But if fashions shift, people might not want that gold anymore, ta

> Gold can be used for jewelry And people will buy that jewelry because gold is fashionable. But if fashions shift, people might not want that gold anymore, tanking the "value". Doesn't sound very intrinsic to me. Compare to diamonds and their use in jewelry, which famously became popular and "valuable" only because De Beers found a good advertising company, not because people wanting diamond jewelry is somehow a universal human constant. > Gold bullion represents the work it took to bring it out of the earth and refine it That work justifies asking for a certain price. It doesn't guarantee that someone else will buy it off you at that price. In other words, that work doesn't give the gold value. > I at least can see that proof of work is closer to gold than proof of stake in this regard, you can quantify the value of obtaining the thing against the actual cost of obtaining it. You are arguing that gold that was mined less efficiently (thus at higher cost) is more valuable that gold that was mined more efficiently. This is not a convincing argument.